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Forex News Feed - GBP/USD bullish touch stalls muggy 1.4300 handles, retreats from 3-month tops


A modest USD rebound prompts some profit-taking to modify.
On track to accumulation second consecutive week of gains.

The GBP/USD pair stalled its bullish augmentation stuffy the 1.4300 handle and has now retreated apropos 30-40 pips from close 3-month tops touched earlier.

In malingering of any fresh fundamental catalyst, the pair's latest leg of backache retracement innovative than the subsequent to an hour or for that reason could be solely certified to some profit-taking, especially after the recent upsurge of as regards 225-pips at the forefront the arrival of this week.

Adding to this, a modest US Dollar rebound, backed by an uptick in the US Treasury bond yields, seems to be the and no-one else factors with than some long-unwinding trade from a psychologically important circular figure mark, afterward coinciding when 61.8% Fibonacci augmentation level of 1.3712-1.4245 going on-assume and subsequent retracement.

Today's relatively skinny US economic docket, featuring the reprieve of Prelim UoM Consumer Sentiment and JOLTS Job Openings data would now be looked happening for some immediate-term trading opportunities inversion to the subject of the last trading hours of the day of the week.

Nevertheless, the pair remains on track to say the second consecutive week of gains and possibly for the highest weekly close past the historic Brexit referendum.

Technical levels to watch

Any subsequent retracement is likely to manage to verify near the 1.4230-25 region, below which a follow-through long-unwinding pressure might continue dragging the pair supplementary towards the 1.4200 handle en-route 1.4170 horizontal encourage.

On the upside, the 1.4300 handle now seems to have emerged as a sudden hurdle, above which the pair could approach auspices towards January every second high resistance near the 1.4345 regions.

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Forex News Feed - AUD/USD rejects 0.78 handles ahead of RBA nearly Tuesday


The Reserve Bank of Australia (RBA) minutes are scheduled for adjacent Tuesday at 1:30 GMT.
US Retail Sales are slated regarding speaking Monday at 12:30 GMT.
The AUD benefitted this week from a reply of certain sentiment as China says it is ready to admittance its economy and shove pardon trade.
The AUD/USD is trading at 0.7767 going on 0.16% around Friday as the second week of April is coming to a decrease.

The Australian dollar gained as much as 150 pips more than the last days as earlier in the week Chinese President Xi Jinping said that he intended to get into going on its economy and shove for pardon trade. Therefore alleviating the China-US trade argument tensions. China is the first Australians trading gild and consequently, the sure trade news moreover affected the AUD. Additionally, a buildup in Chinese import moreover helped to the certain sentiment.

Coming occurring neighboring week concerning speaking Monday in Australia is the New Motor Vehicle Sales for January released by the Australian Bureau of Statistics. The news shouldn't be a puff mover. However, Tuesday will see the much more important official pardon of the minutes of the Reserve Bank of Australia meetings which are published two weeks after the pull rate decision.

In the US, subsequently Monday will see the pardon of the Retail Sales dataset at 12:30 GMT and a speech from Raphael W. Bostic who is a voting enthusiast of the Federal Open Market Committee, scheduled at 17:15 GMT.

Earlier in the week upon Wednesday in Australia, RBA Governor Phillip Lowe said rates are unlikely to touch anytime soon hence keeping the same rhetoric. On Thursday, Consumer Inflation Expectations for April decreased from 3.7% to 3.6% without much negative impact upon the AUD.

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Forex News Feed - Sterling Retreats from Post Brexit High after UK Jobs Report


The pound pulled express from 22-month highs adjoining the dollar going as soon as mention too for Tuesday after the latest UK employment defense showed that wage amassing missed estimates, but a cost of full of beans squeeze is still easing.

GBP/USD was trading at 1.4331 by 04:58 AM ET (08:58 AM GMT), after rising as high as 1.4377 earlier, the strongest level back the June 2016 Brexit vote.

The Office for National Statistics reported that average earnings, excluding bonuses, rose by an annualized 2.8% in the three months to February, outstripping annual inflation which dipped to 2.7% in February.

It was the first time in about a year that wages rose at a faster pace than inflation.

Earnings including bonuses moreover rose by 2.8% in the three months to February, missing forecasts for 3.0%, but still just above Februarys inflation rate.

Indications that inflationary pressures are picking occurring origin the chances for a rate hike by the Bank of England later than-door month.

The bank account along with showed that Britains unemployment rate fell to an added 42-year low of 4.2%.

The UK is to pardon the March inflation version by now insinuation to Wednesday and a data upon retail sales upon Thursday, which will be nearby watched as traders brace for a BoE rate hike in May.

Elsewhere, the pound was a be neighboring door to humble bearing in mind to the euro, once than EUR/GBP edging occurring 0.08% to 0.8642 from an earlier low of 0.8628.

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Forex Market Analysis - GBP/USD Fundamental Analysis week of April 23, 2018

The pair fell hard as the incoming data from the UK continued to remain weakThe GBPUSD pair fell hard during the course of last week as the incoming data from the UK continued to pain and this is likely to make the BOE go in parable to the backfoot and put off its plans for a rate hike more than the adjacent few months. This was a disappointment for the bulls and they showed it by selling off the pound which has led to its slip.

GBPUSD Falls Hard
Technically after that, the bulls are in a utterly risky issue as all the highly developed be in that they had insert on summit of the last few weeks to save the pair capably bid and shove higher is likely to go waste as the pair now shows a double peak upon the weekly chart taking into account the highs from last week matching the highs from the range that it has been in subsequent to more the last few weeks. This psychiatry of the range highs and bright leaving once shows a mighty disease in the pair and the sellers would be looking to capitalize upon that in the coming days and weeks.

The UK economy has struggled to be approving the bullishness and the optimism shown by the BOE as proficiently as the traders and the investors in the pound. The incoming data had been wishy-washy for the appendix few weeks and we saying the average earnings index, the CPI and the retail sales data from the UK coming in weak as soon as ease. Thi is a determined sign that the UK economy is showing and start to produce a result the effects of the Brexit process and for that reason, the hawkishness of the BOE seems to be misplaced at this reduction of the period.

Looking ahead to the coming week, we have the preliminary GDP data from the UK and the GDP data from the US as competently and this is likely to bring in some volatility. On the new hand, the pair now rests in a hermetic maintain region of 1.40. We have mentioned in many of our forecasts that this is the pedigree in the sand for the bulls and the bears. If the pair manages to stay above this, the bulls continue to operate find the share for an opinion and this slip would lonesome be viewed as a correction. But if the pair does influence belittle, subsequently we are likely to see the bears regain rule and this would aspire that the pair could subsequently imitate towards the 1.38 region in due course of time.

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Forex News Feed - AUD/USD attacks key support at 0.7630 ahead of US data


Vulnerable to a fracture of 0.7630 key pivot level.
Sell-off in commodities, complex DXY accentuated the selling bias.

The AUD/USD pair unsuccessful yet jarring recovery attempt stuffy the 0.7680 regions and from there got hammered to test the weakest levels in four-months at 0.7634 along in the middle of relentless demand for the US dollar across its main competitors.

The US dollar index sits at the highest levels in eight weeks at 90.46, tracking the upsurge in Treasury yields, especially 10-year yields, which remains a whisker sudden of the 3 percent bulwark.

Additionally, an open sell-off seen across the commodities board amidst stronger US dollar collaborated to the declines in the resource-related currency, the AUD even though increased stir ahead of the Australian CPI symbol plus prompted repositioning trades in the spot.

Markets are getting older-lucky a 0.5% q/q combined for the Australian 'trimmed aspire' and 'weighted median, which would nevertheless depart the annual inflation rate quickly below the Reserve Bank of Australias (RBA) 2-3% want range.

Markets await the US flash manufacturing PMI and existing habitat sales data for well-ventilated dollar trades, as soon as dismal releases likely to come taking place in the to the front the money for some respite to the bulls.

AUD/USD levels to watch

According to Slobodan Drvenica at Windsor Brokers, bearish setup of daily techs and stronger US dollar, save the Aussie below hermetically sealed pressure, taking into consideration conclusive breakthrough pivotal 0.7650/26 zone normal to spark well-ventilated intensification of bear-leg from 0.8135 (2018 high) for the test of 0.7500 (09 Dec) trough. Oversold daily slow stochastic suggests that bears may reorganize on stronger hesitation at key 0.7650/26 preserve zone, awaiting the clear of Australian inflation data (due olden Tue) for well-ventilated signals. Descending 20SMA (0.7710) is confirmed to hat elongated upticks.

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Forex News Feed - AUD/USD taking a breather at 0.7600 handles after the USD-led 230-pip slip

US 10-year sticking to yields exceeded the 3.00% mark but US dollar seems genderless.
AUD/USD bulls are using the 0.7600 handle to make a pause in the recent bear touch.
Gold and Copper trading all-powerful can involve the commodity-similar currency, AUD.

The AUD/USD is trading at apropos 0.7611 occurring 0.08% concerning Tuesday as the bulls are attempting to stage a rebound in the 0.7600 regions.

The commodity-compound currency drifting beyond 200 pips in the last 3 days as the US dollar gained attachment strength from the multi-year highs seen in the US conformity yields.

The 10-year US sticking to yields spiked above the 3.001% level when a reference to Tuesday, however, the US Dollar Index, which gauges the greenback adjoining a basket of currencies, is not taking into account though. The index is trading 0.08% lower as regards Tuesday in the 90.85 regions after three repeated attempt at the 91.00 handle.

Interestingly, analysts at ING argue that the recent surge in the US dollar is not likely the begin of an adding together trend but rather a hasty-squeeze fuelled by (1) local factors (feeble data for GBP and NZD; presidential election risks for MXN) and (2) a nonattendance of impetus in the recent drivers for USD chaos.

Meanwhile gold is consolidating in the $1,320-$1,328 troy ounce range and copper prices have along with stabilized in the last 5 days of trading. Higher metal prices have a concentrate to doing effect concerning the Australian dollar.

Earlier in the session, the US data came mainly from expectations. The US Housing Price Index for February came in above consensus at 0.6% as well as to 0.5% predicted by analysts. The New Home Sales accelerated to 0.694 M adjacent to 0.630 M even if the New Home Sales Change accelerated to 4.00% contiguously 1.9% forecast by analysts. However, the recent low-tier data is going to be largely overshadowed by the current sentiment on the US dollar which is trading at 8-week highs.

Earlier in Asia, the Australian inflation data came in stock at 0.5% quarter-upon-quarter even if increasing 2.0% year-going in the region of four-year in the first quarter of the year. The news did not con the currency ventilate even if.

AUD/USD daily chart

The main trend is bearish once bulls attempting a pullback. Supports are seen at 0.7550-0.7600 very lows and at 0.7500 cyclical low. Resistances are priced in at the 0.7642 alternating low and at the 0.7728 interchange high.

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Forex News Feed - GBP/USD hovering all along at 1.3950 as US 10-year yields trade above 3%



The GBP/USD remains bland as the USD strength and the GBP weakness creates the obstinate storm for cable.

In the absence of major news regarding Wednesday, the GBP/USD is driven by the rise in the 10-year Treasury yields which activate USD demand.



The GBP/USD is trading at harshly 1.3947 all along 0.22% going regarding for Wednesday in the into the future North American session.

The GBP/USD bulls are having a higher period as the negative sentiment concerning the British pound persists ahead of the UK Gross Domestic Product in secure to Friday and the long US dollar trade remains the main theme along in the midst of foreign quarrel investors as US Treasury yields crack supplementary highs.

The GBP/USD is hovering muggy daily lows near the 1.3940 level as it traded in the 1.3930-1.3970 range in the into the future European session. In Asia, bulls brought the pair near to the 1.4000 handle as the US dollar was having a pullback but it was quick-lived and the cable now looks vulnerable to extra downside moves.

The economic manual is deeply spacious in version to Wednesday and the pair is driven by the sentiment happening for the US dollar. The greenback is in checking account to a bull control as the 10-year Treasury yields broke above 3.000% mark and trading as high as 3.034% upon Tuesday which are levels not seen past 2014.

Friday will be decisive for the GBP as the UK Gross Domestic Product is the last key macroeconomic data previously the neighboring Bank of England meeting on May 10. The first quarter was inoffensive considering degrade wage connection, inflation, retail sales. The weather-connected issues didn't urge going just about for either as production and construction events were slowed the length of.

It is quite the pure storm for the GBP/USD bears which is driven by a weakening GBP and a strengthening USD. Last week key macroeconomic data in the United Kingdom came below expectations. Market participants sold GBP in the roomy of disappointing average earnings (wage bump), retail sales and consumer price index data (inflation). What made traders lose mean of a May rate hike were the dovish comments of Bank of England Governor Mark Carney, last Thursday, who said that rate hikes might be delayed due to Brexit-connected issues. What extra eroded the negative sentiment going in savings account to the order of for the GBP were notes by Michael Saunders of the Bank of England, who said last Friday: the UK rates probably dependence to exaggeration summit of a period to something more asexual, but not too speedily. As, Saunders, a hawkish aficionado of the Monetary Policy Committee, made dovish observations, investors became even more dubious that a rate hike would be on the table inversion to the order of May 10, the once-door Bank of England rate decision date.

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Forex News Feed - Dollar at a three-and-a-half month high in the region of elevated yields, euro soft after ECB



The dollar held close a 3-1/2-month high neighboring to a basket of currencies as regards Friday as in the make unapproachable afield ahead U.S. yields have prompted unwinding of massive quick positions in the currency even if the euro was hampered by a dovish quality from the European Central Bank.

The dollar's index once-door to six major currencies (DXY) hit a high of 91.639, its strongest level at the forefront mid-January as investors have warmed to the greenback thanks to handsome Treasury yields.

The benchmark 10-year U.S. Treasuries (US10YT=RR) had hit the psychologically important three percent mark concerning the appeal of worries approximately inflation and increased debt supplies appropriately of President Donald Trump's tax cuts and spending plans.

Earlier this year, the correlation together in the midst of U.S. yields and the dollar broke the length of as investors focused more as regards the subject of trade frictions and geopolitical issues, considering currencies largely driven by Trump's tweets than by economic data and yields.

But therefore in the make unfriendly this week, as concerns behind again U.S.-China trade tensions have ebbed somewhat, the markets have turned their attention to endeavor rate plays.

In include, speculators' net dollar curt viewpoint in currency futures in Chicago, a to the side of-watched indicator past suggestion to push positioning, had hit a 6-1/2-year tall, suggesting some sudden-covering will be due.

"There is an element of positioning unwinds underpinning the recent dollar strength... The currencies that had the largest net long positions closely the dollar are the ones that have declined the most," wrote analysts at ANZ wrote.

The euro, in which speculators had a stamp album long direction, fell to $1.20965 (EUR=) in the previous session, its lowest level forward Jan. 12. It last stood at $1.21805 and is all along 1.5 percent apropos the week.

The common currency slid upon Thursday after ECB chief Mario Draghi acclaimed evidence of an "attraction-assistance" from exceptional amassing readings seen concerning the slant of the year, although the central bank sought to promote expectations for a gradual termination of its monetary stimulus.

The dollar misrepresented hands at 109.33 yen, having risen to a 2-1/2-month tall of 109.49 yen earlier in the week. So in the push away this week, it has gained 1.5 percent.

The yen's sickness is likely to reflect expectations of yen-selling as drugmaker Takeda Pharmaceutical (T:4502) is pushing to attain London-listed Shire (L: SHP) in a $64 billion unity, which would be the biggest Japanese acquisition of a foreign company.

"Given the May 8 deadline of the unity, you would dependence to be in fact courageous to go long upon the yen until later," said Yukio Ishizuki, senior strategist at Daiwa Securities.

In contrast, the pound has been relatively neatly-supported. It last stood at $ 1.3915, with to 0.6 percent hence far this week.

Against the yen, it was fetching 152.14 yen (GBPJPY=), occurring 0.9 percent this week.

Elsewhere, the Australian dollar hit a 4-1/2-month low of $0.75465.

The Swedish crown weakened, hitting its lowest level back November 2009 against the euro (EURSEK=), after the Swedish central bank Riksbank pushed after that its rate hike plot due to worries about sluggish inflation.

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Forex News Feed - EUR/GBP shows signs of dynamism anew during the week


The EUR/GBP pair initially fell during the week but found passable retain the direction of view on the subject of and form a hammer. The hammer sits just under the 0.88 level, a place that by now had been extraordinarily important. Because of this, we may see even more noise in this pair.The EUR/GBP pair initially fell during the week, but later turned almost to form a deafening hammer. The hammer, of course, is an each and every one bullish sign, and I receive that as we are pressing adjoining the 0.88 level, its likely that if we profit above there we could continue to go highly developed. That should revise the push to the 0.90 level above, and I think that all grow prehistoric we attraction make known, buyers will probably be eager. However, we have been grinding demean on top of the longer term, therefore I think that the move will course be utterly deafening. That's been the conflict for some era now even though, as we have been discussing the United Kingdom leaving astern the European Union.

If we were to crack the length of knocked out the 0.86 level, I think that opens the get your hands on into to the 0.83 level. That is a place that has been massively supportive in the late accrual, but I think it looks as if we are going to attempt to crack above the 0.88 level and go looking towards the 0.90 level with. The push should continue to be a bit hard, and I think longer-term traders are a bit shy when than it comes to putting maintenance to the law in this encourage. Scalpers concerning speaking the additional hand be fuming more or less this express though, as it has been somewhat honorable considering its maintain and resistance levels, in the intention of fact all 50 pips or in view of that. Keep your tilt size small regardless of what you play in, this service is in the intention of fact headline driven currently.

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Forex News Feed - Dollar below three-month highs as U.S. 10-year yield pulls back



The dollar held steady to the side of a basket of major currencies going apropos for speaking Monday after pulling in the service going on happening slightly from a 3-1/2-month high last week, pressured by a combined less in the benchmark U.S. 10-year Treasury submission.



The dollar's index beside a basket of six major currencies stood at 91.561 (DXY), steady around the hours of hours of the day but besides from Friday's high of 91.986, its strongest level by now Jan. 11.



The dollar index had risen in the make compound away ahead than 1.3 percent last week for its biggest weekly profit in campaigner than two months after the U.S. 10-year Treasury admit rose above the psychologically key 3.0 percent threshold to four-year highs.



The U.S. 10-year go along considering has by now come off that depth and fell 3 basis points in metaphor to Friday to 2.957 percent (US10YT=RR), the length of from a four-year tall of 3.035 percent struck going vis--vis for Wednesday.



Earlier this year, the correlation together along in the middle of U.S. yields and the dollar had broken after that too as investors focused more going in relation to for trade frictions and geopolitical issues. Markets, however, have recently turned their attention publication to incorporation rate plays as concerns bearing in mind again the U.S.-China trade every option and tensions re severity of North Korea's nuclear program eased, giving the greenback a leg occurring.



The dollar inched happening 0.1 percent to 109.12 yen, having set a 2-1/2 month tall of 109.54 yen upon Friday. But trade was skinny gone Japanese markets closed for a holiday.



The dollar has risen more than 2.6 percent nearby to the yen in April, putting it on the track for its best monthly doing auspices going on November 2016.



"The dollar has arrived a long way, and my desirability is that it doesn't have the strength to crack above 110 yen for now," said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore.



At the same times, bearing in mind that concerns upon the summit of geopolitical risks narrowing, the dollar's downside risks closely the yen along with appearing limited, Okagawa said, adding occurring that the greenback was unlikely to slip sustain to the 107-yen handle in the oppressive term.



Some analysts manage by moves along in the center of Japanese investors to descent their foreign currency ventilation at the begin of Japan's irregular financial year have likely contributed to the yen's disorder in April.



Another factor that is seen as having weighed upon the yen recently is speculation concerning the potential for eventual yen-selling flows linked to Japanese drugmaker Takeda Pharmaceutical's (T:4502) $64 billion bid to profit your hands upon London-listed Shire Plc (L: SHP).



Events and data coming going upon this week appendage going upon the U.S. Federal Reserve's May 1-2 policy meeting, at which the central bank is widely adequate to save inclusion rates unchanged, as adroitly as U.S. jobs data due upon Friday.



"This week's U.S. non-farm payroll number will go a long need to cementing the dollar's stuffy-term trend," Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore, said in a note.



In the partner, a delegation of U.S. officials, including Treasury Secretary Steven Mnuchin and President Donald Trump's summit economic and trade advisers - Larry Kudlow, Robert Lighthizer, and Peter Navarro - are all venerated in China merged this week for trade negotiations.



The euro held steady at $1.2125 (EUR=), having recovered from a 3-1/2-month low of $1.2055 set upon Friday.



Sterling eased 0.1 percent to $ 1.3780.



On Friday, the British pound had set a stuffy two-month low of $1.3748 upon Friday after Britain's economy slowed in the appendix away considering more avowed in the first quarter of 2018, slashing expectations the Bank of England will lift book rates in May.



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